600 Plainfield Rd, West Lafayette, OH

Name: 600 Plainfield Rd, For Sale in West Lafayette - Zoocasa
Brand: Forge Real Estate Advisors
SKU: 226033800
Price: 2700000 USD

Townhouse

For Sale

Listed price in listed location currency (USD).

$2,700,000

0093

MLS® 226033800

Overview

Key Facts

Type Townhouse

Levels Residential Income

Size -

Garage

Taxes $29,972

Days Active 1

Lot Size 6.3 Acres

Approx. Age 2000

MLS® Number 226033800

Property Address: 600 Plainfield Road, West Lafayette, OH, 43845

Average square foot calculated using Size range provided by listing agent.

Description

Rare LIHTC-to-market-rate value-add opportunity in West Lafayette, OH (Coshocton County). Lafayette Mills Apartments is a 40-unit garden-style community built in 2000, comprising 28 two-bedroom/one-bath and 12 three-bedroom/one-bath units across 5 walk-up buildings with 93 on-site surface parking spaces. The property is 100% occupied and has been well-maintained under active compliance monitoring, with no material deferred maintenance identified. In-place rents average $758/unit against a $980/unit market rate -- roughly 29% upside as the property's LIHTC and HOME rent restrictions phase out. The extended-use LIHTC compliance period is scheduled to expire 12/31/2028, with HOME-assisted units restricted through 12/31/2029 (buyers should independently verify both dates with OHFA and the recorded Land Use Restriction Agreement). Offered at $2, 700, 000 ($67, 500/unit, $41.03/SF), with a 9.81% cap rate once converted to market rents. Turnkey operations -- lease-up is complete, and the opportunity is to capture the rent upside as restrictions lift.

MLS® Number226033800

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age2000

Basement

DrivewayCommon

Garage Spaces

HeatHot Water

A/CCentral Air

Extras

Map

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